How FOS Calculate Refunds

dilus

Niggly wrote: »

Suffering with migraines. Back soon to do figs

N

Not nice, speedy recovery Niggly :doh:

squin1

Hi,

I am sorry this one is a bit tricky and I would really appreciate even a rough idea if someone please calculate or tell me if this offer is correct, it's all in gobbledy gook to me.

I had 2 loans with Santander (formerly abbey) one of which was settled in 2007 and one which is still going sort of....

loan 1 we took out and made a first payment in dec 03
they say monthly cost of loan was 433.30 plus ppi 61.89. we paid 47 payments and then settled (says rebate received 804.57 - I presume that's the interest we saved by settling early?)
They've offered refund of premiums 2908.83 plus stat interest 1376.85 premium

Loan 2 we took out for 25k interest rate 14.9%, first payment dec 07 with monthly premium of 581.32 plus ppi 167 and made 23 payments before cancelling the ppi in dec 09. However, even once we'd cancelled it we've been charged 659.26pcm since dec 09 (not due to end until nov 12) as ppi was apparently front loaded - so still 77.94 higher than if we hadn't had ppi in the first place.
As we are in arrears they changed the loan to a sep account and have put early settlement figure 14343.51 with rebate received 2607.08
They've offered refund of premium paid 3841, stat interest 896.23, and rebate shortfall 3571.92

Thanks in advance if anyone can help!!

By the way, all I did to make my claim was call them and they did it all over the phone - bar the offer of course which came in writing!

KIMY

Di has advised me to ask your advise on calculations
Hi Di, just received a email from my adjuicator, what do you think ?

I have not yet calculated the approximate amount. I intended to do this by Friday and have been considering from the information you have given me how I can go about fairly calculating the redress. I hope to be able to provide you with an estimate tomorrow, but bear in mind that this would also have to be calculated more accurately and agreed by HFC Bank

Maybe l am being too optimistic but this is getting more promising, although it will be interesting to hear HFC response. This l premuse will be both loans PPI amalgmated as my adjuicator has the agreement from the first loan what was found after been destroyed.This was for £3000 over 36 months with front loaded PPI £526.91 with 26.6% interest = £742.32 payable 36 months £20.62 and was paid off in full after 30 months with no PPI rebate for early settlement.
The other loan was for £15,000 and run for only 2 years but was front loaded PPI, not sure what was paid

Any indication of possible refund amount would be appreciated.
As you can read my adjuicator is going to try and calculate PPI paid on 15,000 loan

amersall

made 23 payments before cancelling the ppi in dec 09. However, even once we'd cancelled it we've been charged 659.26pcm since dec 09 (not due to end until nov 12) as ppi was apparently front loaded - so still 77.94 higher than if we hadn't had ppi in the first place.

This is what happens when you cancel ppi,the ppi is still there so you will still pay for this and it will continue to the end of the loan,when you get redress you could take this off the loan and pay it back sooner,that will save you a great deal of interest over the remaining time.
Only with a mi sell do you get the ppi taken off and the monthly ppi amount taken off your monthly loan payment.

XXSCOTSLASSXX

Wonder if someone would take a look at these figures xxx am currently turning this down with Santander and requesting they reinvestigate as the policy ran till May 2005 as I had initially thought. I received my credit card PPI refund with same company Dec 2002 -May 2005 both policies were cancelled on same day. My query is the interest stated on this, looking at other claims on here, it looks kinda high for the payments made, wary of rocking the boat if this initial calculation is incorrect........


PPI monthly Premiums £524.09 ( this is from Jan 2003-Feb 2004)
Interest on premiums to date £1230.86
total refund £1754.95

Is a flexible loan or was before switching to Santander, account is still active. opened 2nd Dec 2002. Apr on opwning was 6.9% increased slightly over the years then jumped hugely to 23% in April 2010 when Santander took over. many thanks in advance if u can help xx

Niggly_2

DaisyMoo wrote: »

Good Evening everyone,

Firstly I apologise if this is in the wrong place, but I was wondering if someone could help me with an estimate of compensation I should hope to receive from HSBC.

The FOS state that HSBC are willing to offer a "Gesture of Goodwill" based on the recommendations of the FOS, the problem is, myself and OH have both come up with completely different figures based on the guidelines from the FOS. For the sake of my sanity, I would be very grateful if someone could help me out

The loan was taken out in May 2005 for £20770 (84 month term)
Total Repayable £27,678.93
Outstanding balance £4942.80 (believe there have been 72 payments to date)
I am unsure of the interest rate but believe it was around 9%

I know it will take a while for the bank to sort it out, but it would be really helpful if we had an idea of how much to expect. The figures we have worked out so far have a difference of about £3000, so it would be useful to know who is closest! :rotfl:

As always, thank you for your time and help x

This one is fairly straight forward based on the facts given

Loan still exists
Start date May 2005 Finish date May 20012
Payments made 77
PPI per month is £:eek::eek::eek:

What is the payment to ppi per month then I can calculate accurately.

:beer:

Niggly_2

My questions are
1. If Barclays agreed to cancel my PPI in Nov 2007 does this mean they will have to agree they mis sold ppi in 2004 (My circumstances were the same) This would seem logical as your circumstances havent changed
2. Will Barclays now follow FOS guidelines for “successive single premium payment protection insurance” to recalculate the all my loans & the payments up to my present one, to what they would have been if I had taken the first loan in 2004 without PPI & pay me compensation? They should follow the FOS guidelines yes
I would really appreciate some help. Should Request a SAR now or wait for their decision?

You have all the details you need no need for SAR wait to see what they offer.

Thanks I would be so grateful for any advice
[/QUOTE]

Niggly_2

amersall wrote: »

Hi Niggly,could you take a look at this please xxx.

They have an offer posted else where £7000+

Cheers N

Niggly_2

weyford wrote: »

not sure if anyone can help in the amount i would get bk from Halifax

1000 loan over 12months premiums paid 34.00 loan taking out on 1997

thanks for any info

If they were willing to go back to 1997 then you would get back the ppi premiums and 8% statutory interest

£34 x 12 = £408
8% = £442

n:beer:

weyford

Niggly wrote: »

If they were willing to go back to 1997 then you would get back the ppi premiums and 8% statutory interest

£34 x 12 = £408
8% = £442

n:beer:

oh thats not bad :T

thanks niggly and hope u are feeling better x